News Archive for November 30, 2017

Senate Delays Vote on GOP Tax Plan Over Deficit Worries
Senate Republicans hit a stumbling block in their efforts to overhaul the tax code, forcing them to contemplate rewriting parts of their $1.4 trillion tax-cut plan and push back the vote to as early as Friday.

Electricity Prices Plummet as Gas and Wind Gain Traction
The rapid rise of wind and natural gas as sources of electricity is roiling U.S. power markets, forcing more companies to close older generating plants.

White House Weighs Plan to Move Embassy to Jerusalem
The Trump administration is considering a plan to formally recognize Jerusalem as the capital of Israel and to move the U.S. Embassy there in the future, U.S. officials said, steps that could trigger Palestinian protests.

Illegal Immigrant Found Not Guilty in San Francisco Killing
A Mexican immigrant was found not guilty of killing a young woman in San Francisco two years ago in a case that became a rallying cry against illegal immigration for President Donald Trump during his campaign.

South Korea’s Inflation Slows Despite Trade, GDP Gains
South Korean economic data offered mixed signals Friday, with the economy growing faster than initially estimated and trade strengthening, while inflation dropped to an 11-month low, a day after the central bank raised interest rates for the first time in over six years.

Disney Sues Redbox Over Digital Movie Sales
Walt Disney Co. sued Redbox in an attempt to stop the DVD rental company from selling digital copies of its movies, alleging that the sales infringe on Disney’s copyrights.

Sen. Bob Menendez’s Poll Numbers Drop to 20%
New Jersey Sen. Bob Menendez’s popularity has taken a beating since his federal public-corruption trial, which ended in a hung jury on Nov. 16, but he retains support among fellow Democrats, a poll found.

German Politics May Be a Mess, But the Economy Is Soaring
Germany is facing a political crisis unlike any since World War II, but with a buzzing economy and a caretaker government keeping things going, many Germans don’t seem too worried.

Erdogan Let Turkish Banks Help Iran Launder Money, Witness Says
A U.S. government witness in the trial of a prominent Turkish banker said Turkish President Recep Tayyip Erdogan approved transactions aimed at helping Iran circumvent U.S. economic sanctions, testimony that could further strain U.S.-Turkish relations.

South Dakota Regulator Raises Prospect of Revoking Keystone Permit
A South Dakota state official said Thursday that a federal agency’s diagnosis of a recent leak in TransCanada Corp.’s Keystone pipeline could signal a systemic problem and could lead the state to revoke the permit that allows the company to operate the pipeline.

Bookshelf
Review: A Swan Song and a Salute
In this posthumously released study, the late historian Thomas Fleming pays tribute to the military genius of George Washington. Harold Holzer reviews ‘The Strategy of Victory’ by Thomas Fleming.

Blue Apron CEO Steps Aside
Blue Apron Holdings Inc. has replaced its chief executive, as the meal-kit maker struggles to hold on to customers and reverse a precipitous drop in investor confidence since its initial public offering in June.

Toys ‘R’ Us Under Fire For Bonuses During Bankruptcy
A proposal by bankrupt retailer Toys “R” Us Inc. to pay top executives at least $16 million in bonuses has drawn the ire of a Justice Department bankruptcy watchdog.

Fed Ends Action Against Bank That Counted Quarles as Investor
The Federal Reserve said it ended an enforcement action against a Georgia bank that until recently counted Fed Vice Chairman for Supervision Randal Quarles as an investor.

GM Aims for Self-Driving Taxi Fleet by 2019
General Motors Co. said the robotaxi service it is developing could potentially eclipse the profits it earns in the core automotive business within a decade.

Argentina Ends Rescue Efforts for Missing Submarine Crew
Argentina’s navy ended its efforts Thursday to rescue the crew members of a submarine that went missing two weeks ago, saying there was no chance they were still alive.

Senate Tax Plan Won’t Pay for Itself, Analysis Says
Senate Republicans’ tax plan would modestly expand the economy but cover less than a third of its cost, failing to meet the party’s promise that it will pay for itself through faster growth, according to an official congressional analysis.

House GOP to Propose Short-Term Spending Bill
House Republican leaders on Friday will propose a short-term patch to keep the government funded through Dec. 22 while they work on a detailed, two-year budget deal, GOP aides and lawmakers said Thursday.

U.S. to Pull 400 Marines Out of Syria
More than 400 U.S. Marines will leave Syria ahead of schedule as Islamic State loses territory and the ability to mount conventional military operations, the Pentagon said Thursday.

SEC Changes Hiring Process for In-House Judges
The SEC said Thursday that it was changing the way it appoints in-house judges who hear some of its enforcement cases, one day after the Justice Department sided with opponents who say their hiring was unconstitutional.

WSJ Podcast
A New Audio Series: Secrets of Wealthy Women
A rotating cast of executives, industry pioneers and business leaders join The Wall Street Journal’s Veronica Dagher to explain how women can empower themselves and establish financial and professional stability.

Obituary
Jim Nabors, TV Staple of the 1960s and 1970s, Dies at 87
Jim Nabors—whose down-home comedy made him a TV star and whose surprisingly lush baritone voice kept him a favorite in Las Vegas and other showplaces—died Thursday at the age of 87.

Overnight Subway Service Won’t Be Derailed, MTA Says
New York City’s subway system will continue operating 24/7, Joe Lhota, chairman of the Metropolitan Transportation Authority, said after an urban-planning group suggested halting overnight service.

FDA to Allow Quicker Approval of Promising Cancer Drugs
The Food and Drug Administration plans to allow quick approval of some cancer drugs if they show early and “outsized” survival benefits for patients even in small studies, Commissioner Scott Gottlieb said.

GE’s Successful Effort to Change GOP Tax Bill Shows Lobbying Clout
General Electric lobbied successfully to change a measure in the Senate version of the Republican tax bill that could cost the conglomerate more than $1 billion in new taxes if it becomes law. The company is just one of scores working feverishly to influence the final form of the bill.

Rikers Officers Indicted for Alleged Beating of Inmate
A Rikers Island corrections captain and four other prison officers were indicted Thursday for an alleged brutal beating of an inmate and an attempt to cover up the crime.

Trump Declines to Quash Speculation About Tillerson’s Ouster
President Trump declined to put to rest the possibility of an imminent departure by Secretary of State Rex Tillerson, after a news report said the former oil executive could be pushed out within weeks.

What a Tax Overhaul Means for Your Industry
Congress’s attempt to make the most significant tax-code changes since 1986 has split the business community. Here’s a look at how 19 different industries have responded.

Photos of the Day: Nov. 30
In photos selected Thursday by Wall Street Journal editors, a behind-the scenes look at North Korea’s latest missile launch, eager shoppers in Nigeria await the opening of a new store, and more.

American Held by Military in Iraq Has Yet to See Lawyer
An American citizen being held as an enemy combatant in a secret location in Iraq has asked for a lawyer but FBI agents have told him it isn’t clear when he will get one, a government lawyer told a judge Thursday.

Bette Midler To Bow Out of ‘Dolly!’ With Box-Office Bang
Bette Midler’s final performance in the Broadway revival of “Hello, Dolly!,” set for Jan. 14, will serve as a benefit for an organization that supports entertainment professionals, with tickets priced as high as $10,000.

CBO Report Warns About Debt Ceiling
The government could run out of room to pay its bills by late March or early April unless Congress raises the federal borrowing limit, the Congressional Budget Office said in a new report.

Democratic Leader Pelosi Calls for Embattled Rep. Conyers to Resign
The Democratic and Republican leaders in the House of Representatives called for Rep. John Conyers to resign, leaving the longest-serving member of the House with few congressional allies as he battles allegations of inappropriate and lewd behavior toward female staff members.

Met Hopes for Big Rewards With Pair of ‘Blockbuster’ Art Shows
The Metropolitan Museum of Art’s latest two high-profile exhibitions, featuring works by Michelangelo and David Hockney, are a test of the potential risks and rewards of blockbuster shows.

The AT&T/TWC Merger and Exabyte Future
The Clayton Act outlaws corporate acquisitions where “in any line of commerce in any section of the country the effect of such acquisition may be substantially to lessen competition.”

Gold Prices Fall After Rosy Read on U.S. Consumer Spending
Gold prices fell after Commerce Department data showed U.S. consumers spent steadily in October as their incomes rose, suggesting the economy will deliver another quarter of strong growth.

ICC Is Right to Investigate Agents Evading U.S. Law
The ICC is investigating alleged torture committed by CIA agents in secret detention facilities in different countries in the world, to avoid U.S. jurisdiction, to avoid applicability of U.S. law.

Kroger Rings Up Gains in Fight Against Wal-Mart, Amazon
The large U.S. supermarket chain’s moves to prioritize online orders and cut food prices appear to be paying off as it battles rivals for customers.

China Inflames U.S. Ire in Steel Dispute
A showdown among the world’s major steelmaking countries failed to patch a rift between the U.S. and China after Beijing refused to act unilaterally to cut global oversupply.

McCain’s Support Bolsters GOP Hopes for Tax Overhaul
Sen. John McCain said he would support a $1.4 trillion tax cut that Republicans are advancing in the Senate, pushing the plan closer to passage though intense jockeying is still playing out among lawmakers.

Barnes & Noble Wants to Clear ‘Tchotchke’ Clutter, Sell More Books
Barnes & Noble Chief Executive Demos Parneros is leading the retailer’s charge to make its stores smaller and refocus on book selling, in a fight to pacify restless shareholders.

The Kitchen Design Secrets of Top Restaurant Architects
For architects in the world of restaurant design, the home kitchen is a chance to mesh their personal aesthetic with insights gleaned from top chefs

It’s Rocket Science: North Korea Lifts the Hood on Its Newest Missile
North Korea’s newest intercontinental ballistic missile appears to be a completely different system than its predecessors—capable of flying much farther and of carrying a larger payload than anything Pyongyang has launched in the past.

Pagani Huayra Roadster: A Rare, Hand-Made Hypercar
Each Pagani Huayra is assembled by man, not machines—and only 40 are built a year—making these $2.4 million autos some of the rarest cars on the road. Dan Neil takes a closer look.

Russia Claims U.S. Seeks to Provoke North Korea
Russia’s top diplomat accused the U.S. on Thursday of trying to provoke North Korean leader Kim Jong Un into “rash action,” pushing back against a call by Washington for countries to increase pressure on Pyongyang after its latest intercontinental ballistic missile launch.

Holiday Movies
Can Guillermo del Toro Make You Fall in Love With This Guy?
Director Guillermo del Toro once again integrates the real and the unreal in a film attracting buzz as awards season approaches.

Verizon to Sell Wireless Home Broadband, Challenging Cable
Verizon Communications plans to start selling home broadband service over its wireless network in some cities in late 2018, a move to challenge the cable industry’s grip on Americans’ internet access.

Fed Official Steps Up Concern Over Bitcoin
Digital currencies such as bitcoin may not be secure enough for widespread public use, Federal Reserve official Randal Quarles said, stepping up the agency’s concern over the highflying virtual currency.

Six Minutes to Counterattack: South Korea Shows Plan to Strike Back at North’s Missiles
Within minutes of North Korea’s missile launch, the South Korean military began firing missiles into the waters off the eastern coast, a demonstration of Seoul’s readiness for conflict and its ability to hit back.

Top Oil Officials Are Detained in Venezuela for Alleged Corruption
Intelligence officers detained two former top ministers for alleged corruption in Venezuela, as President Nicolas Maduro consolidates power ahead of a reelection campaign.

The A-hed
Finance Pros Say You’ll Have to Pry Excel Out of Their Cold, Dead Hands
A Journal story about finance chiefs threatening to drop the spreadsheet software provoked a tempest of reader feedback, both pro and con. The upshot: try to eradicate it and you’re in for a brawl.

In Phoenix, the Musical Instruments of Ancient China
In Phoenix, the Musical Instrument Museum presents the sounds of China: among the exhibits, an instrument stand resembling a divine beast, a zither in the form of a banana leaf and bell chimes made for wild parties.

Volkswagen’s Namesake Brand to Build Electric Cars in U.S.
Volkswagen’s VW brand will build one or two electric vehicles in the U.S. by 2023, probably at its Chattanooga, Tenn. factory, as tougher emissions rules drive the auto industry toward mass production of battery powered cars.

Amazon Plans to Send Alexa to the Office
Amazon has had great success with its at-home Echo speaker, and is now counting on its new service, dubbed Alexa for Business, to spark a surge in voice computing in the workplace.

Brussels Beat
Macron’s Ambitious Eurozone Plans Await a German Partner
French President Emmanuel Macron has sought to sell his people and his peers on deepening eurozone integration, but Germany’s political upheaval leaves him without a bargaining counterpart, William Horobin writes.

China Circuit
Alibaba Might Be Big, but It Still Bows to Beijing
When Donald Trump decided to end the program that protects Dreamers from deportation, U.S. tech companies protested. Their Chinese counterparts were publicly silent when the city of Beijing began evicting the rural migrants who fuel their country’s booming tech industry.

OPEC Agrees to Limit Oil Output Through 2018
OPEC and a Russia-led group of big-oil producers agreed to keep limiting their output through the end of 2018, as they seek to provide assurance for an oil industry still working through a fragile recovery.

U.S. and U.K.’s ‘Special Relationship’ Is Tested by Trump Tweets
Relations between the U.S. and Britain appeared to be further strained after President Donald Trump shared inflammatory anti-Islam videos posted by a U.K. far-right group.

Kids’ Building Sets That Prove Toys Don’t Need Blinks, Beeps and Batteries
Brainy blockheads in Europe are developing toys that teach kids creative skills they can build on. Here, the best ones to order online.

World Cup Arrives at the Wrong Time for Russia
As FIFA gathers in Russia for the draw to next summer’s World Cup, the host nation is up against everything from allegations of state-sponsored doping to the more basic problem of having a terrible soccer team.

Pope Mentions Rohingya Crisis, After Leaving Myanmar
Pope Francis referred directly to the Rohingya refugee crisis for the first time during his trip to Asia, but did so only after leaving Myanmar and without uttering the name “Rohingya,” which is controversial there.

Kylo Ren, Meet Huck Finn: A History of Sequels and Their Heroes
Amanda Foreman on sequels from Homer to ‘Star Wars’—Kylo Ren, Huck Finn and Don Quixote, who in the second part of Cervantes; epic rages against a fake sequel.

Can Midwestern Wines Compete With California’s?
To find out, wine columnist Lettie Teague traveled to Kansas City for one of the country’s premier wine competitions. The last of a three-part series on wine culture in the Midwest.

E-Commerce Boosts U.S. Shipping Networks
From seaports in Southern California to truck docks in central Ohio, shipping across the U.S. is picking up at a pace that freight companies say they haven’t seen in several years.

Why Charm, Not Cash, Will Determine New Team for Baseball’s Japanese Phenom
Rather than appeal to two-way star Shohei Ohtani with their wallets, teams need to entice him with their best recruiting pitch.

U.S. Urges World to Cut Ties With North Korea
The U.S. called Wednesday on all countries to suspend diplomatic ties with North Korea and asked that China stop crude oil trade with Pyongyang as diplomats met at an emergency United Nations Security Council meeting.

Economy, Markets Rev Up
The U.S. economy is headed into the final stretch of 2017 powered by one of sturdiest periods of growth in its nine-year expansion, a vigor that is helping drive stock-market indexes to new highs.

Sears Goes to Mattresses Against Falling Sales
The retailer’s finance chief said a reduced footprint and specialized stores selling mattresses, appliances and car services will help the struggling retailer get back on track after years of sales declines at its namesake department stores.

China’s Tech Giants Have a Second Job: Helping Beijing Spy on Its People
Tencent and Alibaba are among the firms that assist authorities in hunting down criminal suspects, silencing dissent and creating surveillance cities. Their efforts are part a state campaign to build one of the world’s most ambitious surveillance systems.

Mexico City’s Fine-Dining Movement
A small group of adventurous chefs, each of whom has done a stint at Enrique Olvera’s groundbreaking temple of gastronomy, Pujol, is raising the metropolis’s cuisine to the next level.

The Kitchen Design Secrets of Top Restaurant Architects
For architects in the world of restaurant design, the home kitchen is a chance to mesh their personal aesthetic with insights gleaned from top chefs.

How Top Restaurant Architects Design Their Own Kitchens
The kitchens of Carol and Paul Bentel—who designed Le Bernardin—and Stephanie Goto—who has designed for Daniel Boulud—reflect lessons learned from the country’s top chefs.

Here’s the Credit Card That’s Gathering Dust in Your Wallet
Long a staple, credit cards offered by giant retailers like Sears and Macy’s are losing out as retailers shut locations and consumers flock to shopping at online rivals like Amazon.

After Mass Shootings, Plan for Gun Range Splits a New Hampshire Town
Deadly mass shootings elsewhere in the U.S. have prompted some people in the town of Warner, N.H., to re-think a proposal to build a gun range and firearms shop.

Can Antonio Neri Revive HP Enterprise After Meg Whitman?
Meg Whitman’s tenure at Hewlett-Packard was marked by a series of splits and sales that reshaped the storied Silicon Valley company. Now, her successor, Antonio Neri, must take the remnants and reignite innovation.

U.S. Jobless Claims Fell, Signaling a Strengthening Labor Market
The number of Americans filing applications for new unemployment benefits fell last week, showing the overall strength of the labor market.

Heard on the Street
Credit Suisse Decides the Best Target Is One You Can Hit
Tidjane Thiam has learned to be a little more cautious since he took the reins at Credit Suisse. The Swiss bank’s CEO set fresh profit and payout goals its investor day, but the strong share-price reaction is a slight surprise.

Lauer Apologizes After Sexual-Harassment Claims
Former NBC ‘Today’ show co-anchor Matt Lauer apologized a day after being fired for alleged sexual harassment, but he contested some accounts of his behavior.

Australia Financial Scandals Force Industry Probe
Following a string of industry scandals, Australian Prime Minister Malcolm Turnbull said a royal commission will conduct a one-year inquiry into the nation’s banks, financial-services firms, insurers and pension funds.

Davis’s Take: European Tech Hits Its Stride
In a strikingly optimistic report, London-based venture firm Atomico concludes that European tech has very much hit its stride and is stronger than ever—despite significant political and economic headwinds.

Google May Reunite With Nest as It Takes on Amazon
Google is considering folding home-automation unit Nest into its hardware team, reversing one element of Google’s split two years ago into various businesses under holding company Alphabet.

Eurozone Inflation Picks Up, Boosting ECB as It Prepares to Reduce Stimulus
The annual rate of inflation in the eurozone rebounded in November as the unemployment rate hit its lowest level since the start of 2009, offering some encouragement to the European Central Bank.

Power Shift: How Natural Gas and Renewables Dethroned King Coal
For decades, burning coal was mainly how power companies generated the electricity to cool homes, run factories, and brighten streets. But coal has faded, and natural gas last year passed it as the leading source of electricity in the U.S.

The 10-Point: Gerard Baker on the corporate-rate cut, NBC’s post-Lauer problems, the bitcoin surge, shopping strategies and more
A personal, guided tour to the best scoops and stories every day in The Wall Street Journal, from Editor in Chief Gerard Baker.

The Return of the Repo: A Market’s Postcrisis Comeback
An obscure but vital corner of financial markets—repurchase agreements—is making a comeback after the financial crisis as banks begin to rejoin the increasingly buoyant market.

Is China’s Central Bank Losing Its Monetary-Policy Mojo?
A widening gap between official and market interest rates in China is making it harder for Beijing to use a key policy tool to manage the world’s second-largest economy.

Middle East Crossroads
Saudis Get Reality Check After Lebanon Drama
Saudi Arabia and the Trump administration share the goal of rolling back Iran’s regional clout. But, as the recent drama over Lebanese Prime Minister Saad Hariri shows, they don’t agree on what constitutes an acceptable cost.

One City’s Response to Rising Health-Insurance Premiums
The college town of Charlottesville, Va., is fast becoming the exemplar for millions of people without federal subsidies whose health-insurance premiums will rise sharply next year.

Heard on the Street
How Retailers Can Fight Back at Christmas
In an Amazon-free world, retailers would be singing in the streets. Unemployment and inflation are low and consumer confidence is high. Yet e-commerce continues to cannibalize store profits.

Bitcoin Goes to the Big Four: PwC Accepts First Digital-Currency Payment
Big Four accounting firm PricewaterhouseCoopers said it accepted a payment in bitcoin for its advisory services, its first in a virtual currency.

Brawl Over Beijing Policy Strengthens Pushback at China’s Reach Down Under
A prominent lawmaker’s forced resignation over his support of key Chinese foreign-policy objectives is triggering new alarm in Australia about Beijing’s influence and lending momentum to a clampdown on foreign donations and political meddling.

How a Small Bet on Tencent Made an African Firm One of the World’s Most Valuable
Naspers, Africa’s most valuable company, is now suddenly one of the world’s most valuable companies, too—thanks to its 33.3% stake in Tencent.

Heard on the Street
A Bitter Winter for China’s Entrepreneurs
As the U.S. reaffirms China’s status as a nonmarket economy, the latest data shows China’s economy is holding up well—as long as you are a large, state-owned manufacturer. China’s private factory owners are taking fire from multiple sides, however.

Bank of Korea Calls Time on Record Low Rate
South Korea became the first major Asian economy to raise its main policy rate since the Federal Reserve started increasing U.S. rates two years ago, the latest sign of a global move away from crisis-era stimulus measures.

Why the Oil Recovery Is About More Than OPEC Cuts
Nearly a year into an OPEC-led agreement to curb global oil production, crude prices have risen to their highest levels since 2015. But prices have also been lifted by rising global demand and geopolitical risks.

U.S. Rejects China’s Bid for ‘Market Economy’ Status
The Trump administration formally rejected China’s demand that it be treated as a “market economy” under global trading rules, a move likely to heighten tensions between the world’s two largest economies.

De Blasio Loses First Deputy Mayor
New York City’s first deputy mayor is stepping down, marking the start of what is likely to be a period of high-profile personnel changes as Mayor Bill de Blasio heads into his second term.

NYC Should Ditch 24/7 Subway Service, Group Says
New York City’s subway should shut down systemwide overnight to give the MTA time to perform maintenance that could prevent a crisis such as the one facing the subway today, an influential urban-planning group recommends.

iHeart Creditors Reject Another Offer From Company as They Push for Chapter 11
A key group of creditors rejected iHeartMedia Inc.’s latest debt restructuring proposal, and countered with their own deal that may involve the company filing for chapter 11, the company disclosed on Thursday.

GOP Tax Plan Could Hit Students Hard
A Republican proposal to tax graduate-student tuition waivers could bring in about $5.4 billion in revenue during the next decade. Education advocates say it could deter students from pursing their studies.